Business Irish

Sunday 20 May 2018

Sunny Hill offer for Petroceltic lapses

Brian O'Cathain, CEO Petroceltic
Brian O'Cathain, CEO Petroceltic

Independent.ie business desk

The potential takeover of Petroceltic by Sunny Hill has ended after the timing for acceptances of the £6.4m bid lapsed.

In a statement, Sunny Hill, which is owned by Worldview, said the deal had not met the deadline to meet Irish takeover rules.

"As valid acceptances of the offer, representing only approximately 54.6pc of the Petroceltic shares affected were received by the closing date and time, the acceptance condition has not been satisfied and the offer has lapsed," the company said.

Petroceltic had called on its shareholders to accept the bid.

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